Gold in Bears' Control

前天

I am watching the recovery in gold, currently trading around $2,586/oz. With the USD rising sharply after President-elect Donald Trump's victory and expectations of higher inflation, the Fed is likely to maintain high interest rates. This is creating significant pressure, making it difficult for gold to continue to break above the 34-EMA and 89-EMA.

In addition, comments from Fed Chairman Jerome Powell about not being in a hurry to cut interest rates further reinforced the USD's bullish momentum and reduced the appeal of gold. However, geopolitical tensions in the Middle East and between Ukraine and Russia remain a slight support factor for the precious metal's safe-haven status.

Personal view
Key resistance: $2,600–$2,625, which the price needs to break above to generate upside momentum.

Potential support: $2,550, which is an important area I will wait to test.

If the price fails to surpass $2,600, I believe there is a high possibility of a further decline to $2,550, consistent with the current market scenario. I will prioritize a short-term selling strategy in the resistance zone.

昨天

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